Osterville Real Estate Cape Cod Waterfront Luxury Real Estate Agent Market Report

As the New Year has come and gone I wanted to take a moment to bring all of those that are interested up to speed with the constantly changing real estate market on Cape Cod, in particular the village of Osterville in the Town of Barnstable. I think most of us are looking forward to 2009 with some sort of trepidation that the fallout from the second half of 2008 is not complete and we will continue to see the markets drop exponentially. Let's all take a deep breath and look at some of the positives that are going to effect the real estate market over the next twelve months.

1. The mortgage rates are near an all time low and could continue to fall! However do not make the mistake of waiting for the bottom because you could end up missing the boat. The difference in a mortgage of 1% is dramatic and if the rates continue to fall we will be at 5% by the beginning of February. The rates will rebound quickly so if you see a great deal take advantage. You should be in constant contact with your mortgage specialist!
2. Right now the NAR and others ie. Barney Frank are pushing for the Jumbo Mortgage Rates split in Massachusetts and other states be increased to last years levels of $523,000 in Mass or higher. This is particularly important in Osterville where the average median home is around $750,000. As for the new classification loans called the conforming jumbos those rates are today in Mass at 5.68% so take advantage! Don't miss these historic mortgage rates.
3. Historically when a new president is elected the economy will surge due to growing optimism. When this occurs in conjunction with the falling mortgage rates it is likely the real estate market will see lasting effects as the deals dry up and the prices increase so don't miss the boat! As the market swings into the buying season of March through October the savvy buyers will take advantage, build a responsible strategy and implement it.
4. There are amazing deals in the real estate market nationally and particularly in Osterville where people have been trying to unload second homes that were purchased at the top of the market 3 years ago. With the local market having depressed by up to 25% in the last 18 months there are vast amounts of equity to be purchased! Remember particularly on the Cape these markets will come back stronger than ever, decisions made today can and will secure financial strength for years to come.

The long and the short of it is be aggressive and make offers on properties that you feel you are getting a good deal on. Don't wait, you will inevitably cost yourself thousands of dollars in the long run. The government takes the housing market very seriously as I'm sure you've noticed and will do everything in its power to get the market fluid again. Banks that have been "bailed out" are now being pressured to start responsibly lending again. This while the Fed is buying up mortgage backed securities to instill more confidence in the banking system means the time to buy is now!

Good luck and feel free to contact me anytime regarding some of the best deals on the Cape

Ted Komenda

508-648-1587

tkomenda@weichertdunhill.com